Toyota Posts First Loss in Decades; Red Ink To Continue
May 08, 2009
By Michelle Krebs
Toyota, still the world's largest automaker and once the world's most profitable one, posted a quarterly loss heftier than what analysts had forecasted and even bigger than the one beleaguered General Motors reported Thursday. The fourth-quarter red ink pulled Toyota's full-year results into negative territory.
For the fourth quarter ended March 31, Toyota lost the equivalent of about $7 billion, one of the biggest quarterly losses recorded by a Japanese manufacturer and more than the $6 billion GM lost in the same quarter.
The fourth quarter pushed Toyota's full-year results to a loss of about $8.6 billion, its first loss in about six decades.
And Toyota, scrambling to cut costs and boost revenue, revealed Friday it expects an even larger loss in the current fiscal year because of another 1 million drop in sales for the year. Toyota's anticipated loss is bigger than analysts predicted.
Posted by Michelle Krebs at 3:49 AM under Business , Featured , News , Toyota | Comments (2) | digg this | Seed Newsvine
My buzz word for 2009 (one that keeps popping up) is: unsustainability.
The stock market couldn’t sustain a 20 fold increase over the past 25 years. It’s forecasted that we have 40 – 50 years of petroleum left. Social security and medicare are projected to run out by 2015. U.S. car sales approaching 20,000,000 annually. The burst of the housing bubble, the end of low unemployment, the banking crisis, now global warming, the whole world is going in the tank.
And now, Toyota is losing money, big time? What’s next?
Posted by: mcmanus | May 11, 2009 at 9:58 AM
testing vroom vroom
Posted by: tappnel | May 13, 2009 at 11:26 AM